The US-based automaker, Ford confirms its $ 3.5 billion investment to build a Battery plant In the USA in partnership with CATL, China, this invested battery investment would add to the $ 11.4 billion investment by Ford. now overall Ford Motor Co. invested $ 50 billion to build EVs and also a commitment to developing 2 million EVs per year by the end of 2026.
Ford discloses another big investment in the field of electric vehicles, as you knew Ford is a global automaker and the 2nd biggest seller in the US in 2022. Ford is just behind Tesla, Tesla dominates 2/3 of the USA market.
Let’s go through investment highlights
- Fors Motor co. announced to build of a battery plant in Michigan, US, in partnership with CATL(Contemporary Amperex Technology Co. Ltd), the Leader in field battery making, for this it invest $3.5 billion.
- It is good to announce that both companies ford motor co. and CATL have NOS(novel ownership structure.), this structure means Ford owns 100% of the plant including all machinery and building.
- This battery plant will be set up in Michigan US, for it expects to offer $1 billion in incentives to the automaker. this plant will produce 2,500 jobs which very essential in a recession time.
- An important thing is that this EV battery plant it is part of Ford to include the rules under IRA(Inflation Reduction Act) which was set up by the Biden Administration.
- When coming to the agreement concerned Ford will build batteries, whereas CATL will handle the technology part to develop the cells, under this “OwnerShip Agreement may allow the plant to avail Lucrative production Tax credit as allowed in the IRC”.
What is Ford’s plan for CATL batteries?
Ford motor plan to produce 40 GigaWatt-hours CATL batteries yearly In north America in 2026.
How much Ford invest in the Battery plants til now?
overall Ford Motor Co. invested $ 50 billion to build EVs and also a commitment to developing 2 million EVs per year by the end of 2026.
What is ford’s recent Invest in the EV field?
Ford recently invest in SK innovation, a South Korean company famous for battery-swapping networks to set up battery and EV factories in Tennessee and Kentucky.
Also read: Ford Sell Majority Stake (shares) in the EV Rivian: SEC confirm